SAN ANTONIO — CBRE has arranged a refinancing for Franklin Park Alamo Heights, a 221-unit independent living, assisted living and memory care community in San Antonio. The borrower is a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The amount of the loan was not disclosed. Aron Will and Tim Root of CBRE secured a three-year, floating-rate loan with 24 months of interest-only payments through an undisclosed debt fund.
OMAHA, NEB. — Petros PACE Finance LLC has provided a $2.3 million Commercial Property Assessed Clean Energy (C-PACE) loan for energy efficiency upgrades to a 30-year-old hotel undergoing redevelopment in Omaha. The efficiency project is part of the conversion of the former University Inn Midtown Crossing into a Four Points by Sheraton hotel. Lucky Omaha Hospitality LLC, the borrower, will utilize the loan to implement energy efficiency across lighting, elevators, restaurant and bar equipment and a building automation system. Plans also call for low-flow plumbing in the guest rooms. The upgrades are expected to generate $2.3 million in energy savings over the 20-year loan. Completion is slated by the end of this year.
NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.
NEW YORK CITY — CIT Group has provided a $35 million loan for the construction of an office building in Manhattan. The six-story, 74,000-square-foot project is located at 323 E. 61st St. CIT provided the senior secured loan. The developer is a joint venture between The William Macklowe Company and LaSalle Property Fund. The designer is Daniel Goldner Architects. The completion date for the project has yet to be announced.
CHICAGO — Alliant Credit Union has provided a $15 million loan for the refinancing of a 10-property portfolio in Chicago. Located on the north side of Chicago, the portfolio includes a mix of apartment, retail and office buildings. The properties, which were fully occupied at the time of the loan closing, range in size from a two-unit commercial building to a 48-unit multifamily development. Gershon Friedman of Meridian Capital arranged the 15-year, fixed-rate loan. The borrower was not disclosed.
MCLEAN, VA. — Cohen Financial has secured a $12.5 million loan with Reinsurance Group of America for the acquisition of a retail property in McLean, about 10 miles west of Washington, D.C. Thomas Wiedeman of Cohen Financial secured the fixed-rate, non-recourse, 11-year loan with a 20-year amortization schedule and a 65 percent loan-to-value ratio for the borrower, a local commercial real estate investor. REI Tysons occupies the 32,857-square-foot, single-tenant property located at 8209 Watson St. in McLean.
NEW YORK CITY — Square Mile Capital has provided a $138.5 million preferred equity investment in the recapitalization of ALTA, a 43-story apartment tower in Long Island City. The property is located at 29-26 Northern Blvd. Simon Baron Development LLC broke ground on the 467-unit property in 2015 and completed the project earlier this year. Building amenities include a 10,000-square-foot fitness center, 50-foot indoor swimming pool, multiple roof decks, a state-of-the-art golf simulator and a dog spa. ALTA was developed by affiliates of Simon Baron Development LLC. Leasing of the property commenced in May.
ALLENDALE, N.J. — Avison Young has secured a $21.1 million loan to refinance a 114,200-square-foot industrial flex facility in Allendale. Located at 75 Commerce Drive, the property is fully occupied by a tenant roster that includes Hitachi Chemical Advanced Therapeutics Solutions and Telemetrics Inc. George Gnad of Avison Young represented the borrower, a venture between Red Pine Capital Partners and Double Z Management, in securing financing through lender Potomac Business Services. Terms of the financing were not disclosed.
FARIBAULT, MINN. — Dougherty Mortgage has provided a $9.3 million Fannie Mae loan for the refinancing of Faribault Senior Living. The 90-unit senior living property is located in Faribault, about 50 miles south of Minneapolis. Built in 2011, the four-story property includes independent living, assisted living and memory care units. Property amenities include an outdoor patio with resident gardens, a hair salon, fitness room, game room, activity room, library, dining hall and lounge areas. The 12-year loan is amortized over 30 years. Faribault Senior Living LLC was the borrower.
CHATTANOOGA, TENN. — Dougherty Mortgage has closed a $27 million Fannie Mae loan for the acquisition of Elements of Chattanooga, a market-rate multifamily property located at 7310 Standifer Gap Road in Chattanooga. Bentley Place Residential is the borrower. The property features 340 units in a mix of one-, two- and three-bedroom layouts, and community amenities include a fire pit, outdoor kitchen, pool, clubhouse and fitness center. Dougherty Mortgage’s Brentwood, Tenn., office originated the 12-year loan, which utilizes Green Rewards and features a 30-year amortization schedule.
